SUN JUNE 02 2024-theGBJournal|OPEC+ countries Sunday agreed to extend the additional voluntary cuts of 1.65 million barrels per day (mbpd), announced in April 2023 until the end of December 2025.
The decision taken on the sidelines of the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM) in Riyadh, Saudi Arabia, aimed to reinforce the cautionary efforts of OPEC+ countries, supporting balance and stability of oil markets.
Besides, the OPEC+ countries, which includes Saudi Arabia, Russia, Iraq, Kuwait, United Arab Emirates (UAE), Algeria, Kazakhstan and Oman, agreed to also extend their additional voluntary cuts of 2.2 mbpd cuts announced in November 2023, until the end of 2024.
The 2.2 mbpd, as agreed, will be gradually phased out on a monthly basis until the end of September 2025, to support market stability.
”This monthly increase can be paused or reversed subject to market conditions,” OPEC+ members noted.
The required production level for Algeria, Iraq, Kuwait, Saudi Arabia, UAE,Kazakhstan and Oman have all been marginally increased but will be phased out gradually from January 2025 until the end of September 2025, as agreed at the ONOMM.
Russia and Iraq pledged to achieve full conformity and to submit their updated compensation schedule to the OPEC Secretariat for the overproduced volumes since January 2024 before the end of June 2024 as agreed in the 52nd Meeting of the Joint Ministerial Monitoring Committee (JMMC).
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